KCB third quarter after tax profits rise 6% to Sh19.2 billion

In Summary

• The bank’s net loans and advances, as well as customer deposits, grew at slightly above 11 per cent to Sh486.42 billion and Sh586.72 billion respectively.

Joshua Oigara CEO KCB during an investor briefing.
Joshua Oigara CEO KCB during an investor briefing.
Image: FILE

KCB, Kenya’s largest lender by asset base has posted a 6.67 per cent increase in after tax profit for the third quarter ending September 2019 to Sh19.2 billion.

According to the lender, growth was driven by a significant boost in the bank’s loan book and non-funded income.

The bank’s net loans and advances, as well as customer deposits, grew at slightly above 11 per cent to Sh486.42 billion and Sh586.72 billion respectively.

“The international businesses have continued to improve while our digital offerings are witnessing increased activity, giving the business impetus to continue growing,” KCB Group managing director Joshua Oigara said in a statement.

Total income grew by 10 per cent to Sh59.7 billion from Sh54.2 billion the same period last year while non-funded income jumped 16.9 per cent largely boosted by KCB M-Pesa.

Transactions through the mobile banking platform more than tripled over the review period to Sh98 compared to Sh23 billion last year.

“Going forward, we are emphasizing on driving a more sustainable growth, excellent customer experience and diversification,” Oigara said.

The Group’s balance sheet expanded by 12 per cent to Sh764.3 billion from Sh684.2 billion, supported by continued growth in personal and transaction accounts.